User Account

All Pages

Prepare the adjusting journal entry to record bad debts

Assignment Help Accounting Basics
Reference no: EM131144251

1. Linhart Co. uses the percentage-of-receivables basis to record bad debts expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $450,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,500.

(a) Prepare the adjusting journal entry to record bad debts expense for the year.

(b) If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500, determine the amount to be reported for bad debts expense.

Reference no: EM131144251

Questions Cloud

Compute interest and find the maturity : Compute interest and find the maturity date for the following notes.
Jamar company sold its accounts receivable : Jamar Company sold its accounts receivable of $60,000.What entry should Jamar make, given a service charge of 3% on the amount of receivables sold?
Why it may be better than many real-world regulators : Explain why such competition will not be as good for consumers as an extremely sophisticated regulator, and why it may be better than many real-world regulators
Create a key and enter it into textbox under the key section : Create a key and enter it into the textbox under the "Key" section. (The text option button under the textbox should be selected.) Next, click the "Generate" command button.
Prepare the adjusting journal entry to record bad debts : If the allowance for doubtful accounts had a debit balance of $800 instead of a credit balance of $1,500, determine the amount to be reported for bad debts expense.
Does it follow that each of these is a monopolist : In each case, explain what sources of competition the firm might face that would limit its market power.
Examine the features of your present credit card : Examine the features of your present credit card. (If you do not have a credit card, select a likely one online for this exercise.) Given your analysis above, what are the three major disadvantages of your present credit card?
Prepare a gantt chart instead of dsm : prepare a Gantt chart instead of DSM- . The tasks for preparing a dinner (along with the normal completion times) might include:
Prepare the journal entries to record this transaction : Assume the same information as BE9-4. On March 4, 2011, Delong Co. receives payment of $5,400 in full from Ristau Inc. Prepare the journal entries to record this transaction.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find out the amount of depreciation expense

Determine the amount of depreciation expense for the years ended December 31, 2009, 2010, 2011, and 2012, by (a) the straight-line method, (b) the units-of-production method, and (c) the double-declining-balance method. Also determine the total de..

  Vaughn company which uses a periodic inventoy system had a

1. given the following information calculate the amount of cash finallly remitted by the customer on feb 212. vaughn

  Interest earned on investments in bonds

Identify where each of the items would be reported in the financial statements - Interest earned on investments in bonds.

  The following data relate to the direct materials cost for

the following data relate to the direct materials cost for the production of 4000 automobiles tires actual 130240

  Included with the cancelled checks was a check issued by

on may 31 sosa company had a cash balance per books of 6781.50. the bank statement from sandwich community bank on that

  Basics of sterling depreciation

The sterling trusts owns a business and generated $100,000 in depreciation deductions for the tax year. Mona is one of the income beneficiaries of the entity. Given the following information, can Mona deduct any of the sterling depreciation on her..

  B2b co is considering the purchase of equipment that would

b2b co. is considering the purchase of equipment that would allow the company to add a new product to its line.the

  Why is it true that the accounting software

Why is it true that the accounting software in and of itself is not the entire accounting information system?

  Imagine your company has 3 products tvs stereos and

imagine your company has 3 products tvs stereos and speakers. the profit is 100 per tv 30 per stereo and 30 per

  Profitable business operating within an attractive market

The Steel Tube division was a profitable business operating within an attractive market. The investment, which employed new technology, had recently been identified as part of the group's core activities.

  Explain how governments use fiduciary

Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program.

  Discuss the best way to address running your 36000 race

1.determine the best way to address a 280k windfall from a business trip to las vegas in which you incurred 1846 in

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd